Helped by COP28 and New Year’s Eve, Dubai’s hotel industry reported its highest monthly average daily rate (ADR) on record, according to preliminary December data from CoStar.
CoStar is a leading provider of online real estate marketplaces information, and analytics in the property markets.
December 2023 (year-over-year % change):
• Occupancy: 79.2% (+3.5%)
• Average daily rate (ADR): AED1,060.61 or $272 (+19.0%)
• Revenue per available room (RevPAR): AED839.98 or $272 (+23.2%)
The RevPAR level was the highest since January 2015.
According to the daily data, Dubai saw its highest occupancy level on New Year’s Eve (91.4%), the only night the market surpassed the 90% mark in December. Overall, the market’s occupancy levels remained above the 70% mark throughout the month, and ADR exceeded AED1,000 during COP28 and NYE weekend. – TradeArabia News Service
